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Business Analytics Midterm Exam questions with correct answers.
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Business Analytics Midterm Examquestions with correct answers.
strategic decision ANS - A decision that involves higher-level issues and that is concerned with the
overall direction of the organization, defining the overall goals and aspirations for the organization's
future.
tactical decision ANS - A decision concerned with how the organization should achieve the goals and
objectives set by its strategy.
operational decision ANS - A decision concerned with how the organization is run from day to day.
business analytics ANS - The scientific process of transforming data into insight for making better
decisions.
descriptive analytics ANS - Analytical tools that describe what has happened (ex. data queries, reports,
descriptive statistics, data visualization including data dashboards, some data-mining techniques, and
basic what-if spreadsheet models).
data query ANS - A request for information with certain characteristics from a database.
data dashboard ANS - A collection of tables, charts, and maps to help management monitor selected
aspects of the company's performance.
data mining ANS - The use of analytical techniques for better understanding patterns and relationships
that exist in large data sets.
predictive analytics ANS - Techniques that use models constructed from past data to predict the future
or to ascertain the impact of one variable on another.
, simulation ANS - The use of probability and statistics to construct a computer model to study the
impact of uncertainty on the decision at hand.
prescriptive analytics ANS - Techniques that analyze input data and yield a best course of action.
rule-based model ANS - A prescriptive model that is based on a rule or set of rules (ex. portfolio models
in finance, supply network design models in operations, and price-markdown models in retailing).
optimization model ANS - A mathematical model that gives the best decision, subject to the situation's
constraints.
simulation optimization ANS - The use of probability and statistics to model uncertainty, combined with
optimization techniques, to find good decisions in highly complex and highly uncertain settings.
decision analysis ANS - A technique used to develop an optimal strategy when a decision maker is faced
with several decision alternatives and an uncertain set of future events.
utility theory ANS - The study of the total worth or relative desirability of a particular outcome that
reflects the decision maker's attitude toward a collection of factors such as profit, loss, and risk.
big data ANS - Any set of data that is too large or too complex to be handled by standard data-
processing techniques and typical desktop software.
Hadoop ANS - An open-source programming environment that supports big data processing through
distributed storage and distributed processing on clusters of computers.
MapReduce ANS - Programming model used within Hadoop that performs the two major steps for
which it is named: the map step and the reduce step. The map step divides the data into manageable
subsets and distributes it to the computers in the cluster for storing and processing. The reduce step
collects answers from the nodes and combines them into an answer to the original problem.
data security ANS - Protecting stored data from destructive forces or unauthorized users.
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